College Savings Calculator

Q: Why does the calculator assume college starts at age 18?

Most students start college the fall after high school. The tool uses age 18 as that start point, so your years to save are 18 minus your child's age today . If your child will start earlier or later, change the age a year up or down to match.

Q: What does the coverage target column mean?

It is the dollar amount your savings need to pay for that one college year. The tool takes that year's cost, subtracts scholarships and grants, then multiplies what is left by your coverage percent. Example: a $30,000 cost minus $3,500 in aid leaves $26,500. At a 50% goal, the target for that year is $13,250.

Q: Why does my rate of return get lower as college gets closer?

Most college savers move money into safer choices when the first tuition bill is near. That protects you from a big drop at the worst time. The tool copies this by trimming your return each step: 14 or more years left: about 0.5% less 10 to 13 years: 1% less 6 to 9 years: 1.5% less 3 to 5 years: 2% less Under 3 years: 3% less During college, the leftover balance grows at your rate minus 3%.

Q: Why do my monthly savings go up 2.5% each year?

College prices rise, and most pay rises too. The tool assumes you bump your deposit up a little each year to keep pace. If you plan to save the same flat amount forever, your real total will be a bit lower than shown.

Q: Why did the college type button turn off when I typed my own cost?

The four buttons fill in average costs. Once you type your own number, the tool marks it as a custom annual cost and unhighlights the preset. Your number is still used in every result. Tap a college type again to go back to the average.

Q: What does the Re-estimate button do?

It guesses your yearly scholarships and grants again from your income and college type. Higher income gets a smaller guess, lower income gets a bigger one, and private schools add a little more. Use it after you change your income.

Q: What does Match slider to my current plan do?

It moves the coverage slider to the percent your savings are already on pace to pay. It is a fast way to see what your current plan really covers instead of guessing a target.

Q: Why does my projected balance drop in later college years?

You spend the money. Each year the tool takes out that year's coverage target at the start of the year, then grows what is left. So year 4 starts with much less than year 1.

Q: Is the required monthly amount what I should start saving today?

Yes, it is the starting amount. It assumes you also raise it 2.5% each year. If you cannot hit that number now, save what you can and raise it later — any amount shrinks the gap.

Q: What if my child is 16 or 17 and I have almost no savings?

You still have choices. Lower your coverage percent, pick a cheaper school type, or plan to pay some cost from income while your child is in school. Two years at a community college first can cut the total bill a lot.

College Savings Calculator

Updated Aug 6, 2026 By Jehan Wadia

Introduction

College costs money, and prices go up every year. This College Savings Calculator shows you how much you may need and how much to save each month to get there.

Just fill in a few facts: your child's age, the type of school, and what you save now. The calculator adds in cost increases, grants and scholarships, and the growth of your money over time. Then it tells you if you are on track.

You will see:

The total cost of college by the time your child starts
Your savings goal, based on how much you want to cover
What your savings will grow to
Your gap or extra, plus the monthly amount needed to hit your goal

Charts, a year-by-year table, and step-by-step math show how each number is found. Move the sliders to test new plans and see the change right away. Even small monthly savings can grow a lot when you start early — the same idea behind our Compound Interest Calculator and Savings Calculator.

How to use our College Savings Calculator

Enter your child's age, the type of college you expect, your savings, and how much you put away each month. The calculator shows your total college cost, your savings goal, what your savings will grow to, and the monthly amount you need to hit that goal.

Child's Current Age: Drag the slider or type your child's age today. The tool counts the years left until age 18. Not sure of the exact age? Our Age Calculator can confirm it from a birth date.

Expected Years in College: Use the plus and minus buttons to pick how many years your child will study. Pick 2 for most associate degrees and 4 for a bachelor's degree.

Type of College: Tap one of the four buttons — public in-state, public out-of-state, private, or community college. Each one fills in an average yearly cost for you.

Annual College Cost: Change this if you have a better number. Add tuition, fees, and room and board for one year. Editing it turns the preset into a custom cost. A school's Net Price Calculator can give you a more exact figure.

Expected Annual Cost Increase: Type how fast you think college prices will rise each year. Most people use 2% to 3%. See how prices change over time with our Inflation Calculator.

Annual Household Income: Enter your family's yearly income before taxes. This helps the tool guess your need-based aid. Use the Annual Income Calculator if you are paid hourly or weekly.

Expected Annual Scholarships & Grants: Enter free money your child may get each year. Click "Re-estimate" to let the tool guess it again from your income and college type. Our FAFSA Calculator and SAI Calculator give a closer look at need-based aid.

Percentage of Remaining Costs to Cover from Savings: Slide to the share of the leftover bill you want your savings to pay. Most families aim for about 50% and cover the rest with loans, jobs, or current income. See what borrowing would cost with the Student Loan Calculator.

Current College Savings: Enter what you have saved now, like a 529 plan, savings bonds, or a custodial account. Our 529 Calculator and Savings Bond Calculator help with those balances.

Monthly Savings Contribution: Enter what you add each month. The tool assumes this amount grows 2.5% a year. To fit this into your household plan, try the Monthly Budget Calculator.

Expected Annual Rate of Return: Type the yearly growth you expect on your invested savings. A mixed portfolio often averages 5% to 7%, and the tool lowers this rate as college gets closer. Our Investment Calculator and Future Value Calculator show the same math in other ways.

Click Calculate to see your results, or use the monthly savings slider in the results to test new amounts. Click Reset to start over.

Saving for College

College costs money, and prices go up almost every year. Saving early is the best way to pay for it. When you save early, your money has more time to grow. That growth is called compound interest, and it does a lot of the work for you. The Rule of 72 Calculator shows how long money takes to double at a given return.

What College Costs

The full price of college is more than tuition. It also includes fees, housing, meals, books, and supplies. Here are common yearly cost ranges in the United States:

Community college (2-year): about $12,000 per year
Public in-state (4-year): about $25,850 per year
Public out-of-state (4-year): about $44,000 per year
Private (4-year): about $60,920 per year

College prices have gone up around 2% to 3% each year. So a school that costs $25,850 today may cost much more by the time your child starts. Our CPI Inflation Calculator shows how fast prices climb over long stretches.

Scholarships and Grants

You do not have to save the full price. Scholarships and grants are free money you never pay back. Grants are often based on family income, so families who earn less usually get more. Merit scholarships are based on grades, sports, art, or other skills, so a strong GPA and solid SAT or ACT scores can be worth real money. Take the total cost, subtract this free money, and what is left is your net cost. Military families should also check the GI Bill Calculator.

You Do Not Need to Save 100%

Most families pay for college from more than one place. On average, families cover about half of the cost with savings. The rest can come from:

Student and parent loans — compare payments with the Loan Payment Calculator
Money the student earns from a job or work-study — see the Hourly Paycheck Calculator
Money paid from current income while the child is in school
Help from grandparents or other family

Picking a coverage goal, like 50%, makes your savings target smaller and easier to hit. Our Savings Goal Calculator works the same way for any target.

Where to Put Your Savings

A 529 plan is the most popular college savings account. Your money grows tax-free, and you pay no tax when you use it for school costs. Many states also give a tax break for putting money in. Other choices include Coverdell accounts, custodial accounts, and plain savings accounts. Savings accounts are safe but grow slowly, so they may not keep up with rising college prices — check the return with an APY Calculator, a HYSA Calculator, or a CD Calculator.

How Your Money Grows

Money invested in a mix of stocks and bonds has often earned about 5% to 7% a year over long periods. Many 529 plans move your money into safer choices as your child gets older. That lowers your growth rate a little, but it protects your savings from a big drop right before the tuition bills start. Steady monthly investing is the idea behind our DCA Calculator, and fund fees matter too — see the Expense Ratio Calculator.

Simple Ways to Save More

Start now. Even $25 a month helps. Time matters more than the amount.
Use auto-transfers. Money you never see is money you do not spend.
Raise it each year. Bumping your amount up a little each year keeps up with rising prices — the Pay Raise Calculator helps you decide how much of a raise to save.
Add gift money. Birthday cash, tax refunds, and bonuses can go straight to the account.
Save for retirement first. You can borrow for college, but not for retirement. Check your plan with the Retirement Calculator, 401k Calculator, or Roth IRA Calculator, and keep an emergency fund in place.

Also fill out the FAFSA every year your child is in college. It is free and it opens the door to grants, work-study, and low-cost federal loans.

Formulas used

Years until college

N = 18 - \text{age}

Inflation-adjusted cost of college year y

C_y = C_0 \times (1 + i)^{\,N + y - 1}

Net cost and coverage target per college year

T_y = \max(0,\; C_y - A) \times \frac{p}{100}

Total savings goal

G = \sum_{y=1}^{Y} T_y

Glide-path annual return used in year t (with r in percent)

r_t = \frac{\max\!\left(0,\; r - c(N - t)\right)}{100}, \quad c = \begin{cases} 0.0 & N-t \ge 18 \\ 0.5 & 14 \le N-t < 18 \\ 1.0 & 10 \le N-t < 14 \\ 1.5 & 6 \le N-t < 10 \\ 2.0 & 3 \le N-t < 6 \\ 3.0 & N-t < 3 \end{cases}

Projected balance at college start (monthly compounding, contributions rising 2.5%/yr)

B_{t+1} = B_t \left(1 + \frac{r_t}{12}\right)^{12} + M_t \cdot \frac{\left(1 + \frac{r_t}{12}\right)^{12} - 1}{\frac{r_t}{12}}, \quad M_{t+1} = M_t \times 1.025

Required monthly contribution to exactly meet the goal

PMT = \frac{G - FV_{\text{lump}}}{F}, \quad F = \text{FV of }\$1\text{/month over } N \text{ years}

Savings gap and balance drawdown during college

\text{Gap} = G - B_N, \qquad B_{k+1} = \left(B_k - \min(B_k, T_k)\right)\left(1 + \frac{\max(0, r - 3)}{100}\right)

Frequently asked questions

Why does the calculator assume college starts at age 18?

Most students start college the fall after high school. The tool uses age 18 as that start point, so your years to save are 18 minus your child's age today. If your child will start earlier or later, change the age a year up or down to match.

What does the coverage target column mean?

It is the dollar amount your savings need to pay for that one college year. The tool takes that year's cost, subtracts scholarships and grants, then multiplies what is left by your coverage percent.

Example: a $30,000 cost minus $3,500 in aid leaves $26,500. At a 50% goal, the target for that year is $13,250.

Why does my rate of return get lower as college gets closer?

Most college savers move money into safer choices when the first tuition bill is near. That protects you from a big drop at the worst time. The tool copies this by trimming your return each step:

14 or more years left: about 0.5% less
10 to 13 years: 1% less
6 to 9 years: 1.5% less
3 to 5 years: 2% less
Under 3 years: 3% less

During college, the leftover balance grows at your rate minus 3%.

Why do my monthly savings go up 2.5% each year?

College prices rise, and most pay rises too. The tool assumes you bump your deposit up a little each year to keep pace. If you plan to save the same flat amount forever, your real total will be a bit lower than shown.

Why did the college type button turn off when I typed my own cost?

The four buttons fill in average costs. Once you type your own number, the tool marks it as a custom annual cost and unhighlights the preset. Your number is still used in every result. Tap a college type again to go back to the average.

What does the Re-estimate button do?

It guesses your yearly scholarships and grants again from your income and college type. Higher income gets a smaller guess, lower income gets a bigger one, and private schools add a little more. Use it after you change your income.

What does Match slider to my current plan do?

It moves the coverage slider to the percent your savings are already on pace to pay. It is a fast way to see what your current plan really covers instead of guessing a target.

Why does my projected balance drop in later college years?

You spend the money. Each year the tool takes out that year's coverage target at the start of the year, then grows what is left. So year 4 starts with much less than year 1.

Is the required monthly amount what I should start saving today?

Yes, it is the starting amount. It assumes you also raise it 2.5% each year. If you cannot hit that number now, save what you can and raise it later — any amount shrinks the gap.

What if my child is 16 or 17 and I have almost no savings?

You still have choices. Lower your coverage percent, pick a cheaper school type, or plan to pay some cost from income while your child is in school. Two years at a community college first can cut the total bill a lot.

Does the total cost include books, travel, and a laptop?

Only if you add them. The preset costs cover tuition, fees, and room and board. Books, supplies, a computer, and trips home often add $1,500 to $3,000 a year. Type a higher annual cost to include them.

Can I use this for two or more kids?

Run it once for each child, since ages and school plans differ. Then add the monthly amounts together to see your full household goal.

Does the tool take out taxes on the growth?

No. Results are before tax. In a 529 plan used for school costs, that growth is tax-free, so the numbers fit well. In a plain taxable account, your real total would be lower after taxes.

Why is my aid the same every year in the table?

The tool uses one flat yearly amount you enter, and it never counts more aid than that year's cost. Real aid can move each year with income, grades, and school offers. Update the number if you expect a change.

What rate of return should I pick?

Use 5% to 7% for a mix of stocks and bonds, which is the common long-term range. Use 3% to 4% if you invest more safely, and 1% to 2% for a plain savings account. Guessing high makes your plan look better than it is.

What happens if I set coverage to 100%?

Your goal becomes the full net cost after aid, and your required monthly savings jumps. That is fine if you can afford it. Most families set 50% and cover the rest with loans, jobs, and current income.

How accurate are these numbers?

They are good estimates, not promises. Real costs, aid offers, and market returns all change. Check your plan once a year and update the inputs to stay close to the truth.

I got a lump sum. Where do I enter it?

Add it to Current College Savings if you have it now. A one-time deposit made years early has a long time to grow, so it often helps more than the same money added later.

Does saving money hurt my child's chance at financial aid?

A little, not a lot. Parent-owned 529 money is counted at a low rate on the FAFSA, and retirement accounts are not counted at all. Money in the student's own name counts more. Savings almost always beat borrowing.

Why is my savings goal smaller than the total college cost?

Two things shrink it. First, the tool subtracts your expected scholarships and grants. Then it applies your coverage percent to what is left. The rest of the bill is meant to come from loans, work, or income during school.

About Your Child

Estimated College Costs

Financial Aid & Coverage Goal

Your Savings

What to Expect — Your Projection

How to Save — Reaching Your Goal

Rate this calculator

Introduction

How to use our College Savings Calculator

Saving for College

What College Costs

Scholarships and Grants

You Do Not Need to Save 100%

Where to Put Your Savings

How Your Money Grows

Simple Ways to Save More

Formulas used

Frequently asked questions

Why does the calculator assume college starts at age 18?

What does the coverage target column mean?

Why does my rate of return get lower as college gets closer?

Why do my monthly savings go up 2.5% each year?

Why did the college type button turn off when I typed my own cost?

What does the Re-estimate button do?

What does Match slider to my current plan do?

Why does my projected balance drop in later college years?

Is the required monthly amount what I should start saving today?

What if my child is 16 or 17 and I have almost no savings?

Does the total cost include books, travel, and a laptop?

Can I use this for two or more kids?

Does the tool take out taxes on the growth?

Why is my aid the same every year in the table?

What rate of return should I pick?

What happens if I set coverage to 100%?

How accurate are these numbers?

I got a lump sum. Where do I enter it?

Does saving money hurt my child's chance at financial aid?

Why is my savings goal smaller than the total college cost?

College Savings Calculator

About Your Child

Estimated College Costs

Financial Aid & Coverage Goal

Your Savings

What to Expect — Your Projection

How to Save — Reaching Your Goal

Rate this calculator

Introduction

How to use our College Savings Calculator

Saving for College

What College Costs

Scholarships and Grants

You Do Not Need to Save 100%

Where to Put Your Savings

How Your Money Grows

Simple Ways to Save More

Formulas used

Frequently asked questions

Why does the calculator assume college starts at age 18?

What does the coverage target column mean?

Why does my rate of return get lower as college gets closer?

Why do my monthly savings go up 2.5% each year?

Why did the college type button turn off when I typed my own cost?

What does the Re-estimate button do?

What does Match slider to my current plan do?

Why does my projected balance drop in later college years?

Is the required monthly amount what I should start saving today?

What if my child is 16 or 17 and I have almost no savings?

Does the total cost include books, travel, and a laptop?

Can I use this for two or more kids?

Does the tool take out taxes on the growth?

Why is my aid the same every year in the table?

What rate of return should I pick?

What happens if I set coverage to 100%?

How accurate are these numbers?

I got a lump sum. Where do I enter it?

Does saving money hurt my child's chance at financial aid?

Why is my savings goal smaller than the total college cost?

Related Finance calculators

529 Calculator

APY Calculator

CD Calculator

Compound Interest Calculator

Emergency Fund Calculator

HSA Calculator

PPF Calculator

Savings Calculator